CL Redux
- Thread starter schizo
- Start date
<< so gasoline Build came from excess refinery production ( they produced more gasoline ) , in that sense market viewing this report as NOT that bearish as it looks
>>
Gasoline stockpiles jumped by 3.8-million barrels--the third-straight week of increases after 11-straight weeks of declines--a <b>sign refiners are taking advantage of high profit margins to increase production. </b>
Refining capacity utilization rose 3.1 percentage points to 86.3%. Analysts had expected a 0.3 percentage point increase.
"These refineries are cranking up their production and it shows in the runs. They are full steam ahead," said Tony Rosado, a broker with GA Global Markets.
Traders have kept a close watch on the gasoline market in recent weeks for hints on the effect high retail prices will have ahead of the important summer driving season.
Retail U.S. gasoline prices, on average, are at $3.85 a gallon, according to the Energy Department, after nearly breaking $4 a gallon earlier this month, and high prices have begun to crimp consumption.
"It's all about gasoline. You can throw everything else out for the next three weeks because that's where the market is focused now," said Phil Flynn, an oil analyst with PFG Best.
>>
Gasoline stockpiles jumped by 3.8-million barrels--the third-straight week of increases after 11-straight weeks of declines--a <b>sign refiners are taking advantage of high profit margins to increase production. </b>
Refining capacity utilization rose 3.1 percentage points to 86.3%. Analysts had expected a 0.3 percentage point increase.
"These refineries are cranking up their production and it shows in the runs. They are full steam ahead," said Tony Rosado, a broker with GA Global Markets.
Traders have kept a close watch on the gasoline market in recent weeks for hints on the effect high retail prices will have ahead of the important summer driving season.
Retail U.S. gasoline prices, on average, are at $3.85 a gallon, according to the Energy Department, after nearly breaking $4 a gallon earlier this month, and high prices have begun to crimp consumption.
"It's all about gasoline. You can throw everything else out for the next three weeks because that's where the market is focused now," said Phil Flynn, an oil analyst with PFG Best.
out 101.12
short 100.34
out 101.0
SS 101.24